Flag question: Question $1$

Question $15$ pts

Opportunity costs is also a concept that can be used when making a personal life decision

Group of answer choices

True

False

Flag question: Question $2$

Question $25$ pts

Managers should not be able to perform the same duties as their subordinates as it violates the segregation of duties controls

Group of answer choices

True

False

Flag question: Question $3$

Question $35$ pts

The income statement is closed at the end of each fiscal year by closing Net Income $($Loss$)$ against Retained Earnings

Group of answer choices

True

False

Flag question: Question $4$

Question $45$ pts

The reporting step in the Accounting Process is where the Balance Sheet and Income Statement are produced.

Group of answer choices

True

False

Flag question: Question $5$

Question $55$ pts

A purchase of Equipment with Cash has an impact on the assets category in the Balance Sheet.

Group of answer choices

True

False

Flag question: Question $6$

Question $65$ pts

Having two individuals who handle check processing is an example of dual custody of controls.

Group of answer choices

True

False

Flag question: Question $7$

Question $75$ pts

Corporate governance is a documented set of standards which guides ethical behavior.

Group of answer choices

True

False

Flag question: Question $8$

Question $85$ pts

The demand curve represents a downward slope.

Group of answer choices

True

False

Flag question: Question $9$

Question $95$ pts

Having the capability to collect checks, take a tally of checks and enter the checks into the accounting system is a classic example of a lack of segregations of duties.

Group of answer choices

True

False

Flag question: Question $10$

Question $105$ pts

What element of the balance sheet represents items left over after taking assets minus liabilities?

Group of answer choices

Assets

Liabilities

Income Statement

Owner's Equity

Flag question: Question $11$

Question $115$ pts

Implicit costs should be ignored when making decisions.

Group of answer choices

True

False

Flag question: Question $12$

Question $125$ pts

The Income Statement is connected to the Balance Sheet by means of Retained Earnings.

Group of answer choices

True

False

Flag question: Question $13$

Question $135$ pts

Which statement is true of accounts whose normal balance is a Credit?

Group of answer choices

Liability, Common Stock, Revenue

Assets, Expenses, and Revenues

Assets, Liabilities, and Owners' Equity

Assets, Owners' Equity, and Revenues

Flag question: Question $14$

Question $145$ pts

The trial balance captures adjustments made to various accounts at the end of an accounting period.

Group of answer choices

True

False

Flag question: Question $15$

Question $155$ pts

Accounting is the language of business:

Group of answer choices

True

False

Flag question: Question $16$

Question $165$ pts

If selecting alternative A means you will lose on earning $$5$ with alternative B$,$ the $$5$ is not relevant in the cost$-$benefit analysis.

Group of answer choices

True

False

Flag question: Question $17$

Question $175$ pts

Opportunity cost represents what you are giving up by not selecting Decision B$,$ and selecting Decision A

Group of answer choices

True

False

Flag question: Question $18$

Question $185$ pts

Fiscal policy determines the overall money supply

Group of answer choices

True

False

Flag question: Question $19$

Question $195$ pts

T$-$Accounts are set$-$up where Debits are always on the left and Credits are always on the right.

Group of answer choices

True

False

Flag question: Question $20$

Question $205$ pts

The Accounting Equation does not have to always balance.

Group of answer choices

True

False

Flag question: Question $21$

Question $215$ pts

What is true about Journal Entries?

Group of answer choices

Must balance

Must impact at least two accounts

Both of the answers

Flag question: Question $22$

Question $225$ pts

Individuals who engage in unethical behavior typically justify their actions.

Group of answer choices

True

False

Flag question: Question $23$

Question $235$ pts

The Balance Sheet$$s assets must equal the liabilities plus the owners$$ equity.

Group of answer choices

True

False

Flag question: Question $24$

Question $245$ pts

The Accounting Process involves analyzing, recording, classifying, summarizing, reporting, and interpreting.

Group of answer choices

True

False

Flag question: Question $25$

Question $255$ pts

Which of the following scenarios would lead to a potential error in processing a cash disbursement?

Group of answer choices

The check is written subsequent to the completion of the voucher package.

The third$-$party is billing the entity for more than what was initially agreed upon on the purchase order

The check is written for the amount indicated on the third$-$party invoice.

None of the choices

Flag question: Question $26$

Question $265$ pts

If selecting alternative A means I will save $$5$ over selecting alternative B$,$ the $$5$ would be relevant to my cost$-$benefit analysis.

Group of answer choices

True

False

Flag question: Question $2$